FxWirePro: Gold declines on easing trade tension, good to sell on rallies

Gold continues to trade weak for past 3 trading days on account of strong global stock market.The yellow metal has lost more than $20 after hitting high of $1348.

US Dollar Index -Trend weak. US Dollar index has taken support near 200-day MA and shown a minor jump. Short term term trend is weak as long as resistance 97.42.It is currently trading around 96.80.

US 10 year yield- Overall trend negative. It hits low of 2.05% lowest since Sep 2017 and recovered more than 5% from low of 2.05%. It is currently trading around 2.15%.

S&P500: Short term trend - Bullish.It has broken major resistance 2900 and this confirms minor trend reversal and jump till 2930/2955.

On the higher side, near term resistance is around $1331 and any violation above will take the yellow metal to next level till $1338/$1346.

The near term support is around $1328 (23.6% fib) and any break below confirms minor weakness a dip till $1321/$1313 (10- day MA). Any major weakness only below $1298.

It is good to sell on rallies around $1334-35 with SL around $1346 for the TP of $1309.